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This study examines the characteristics of acquiring companies and their relation to the shareholders’ reaction. The sample used in this study consists of 92 companies (46 bidders and 46 non-bidders). With respect to financial characteristics, this study finds that bidders have larger price to book value ratios than non-bidders. Further analysis also finds that cash to total assets ratio, profit before tax to total assets and operating income to total assets ratio are major factors in categorizing the companies into bidders and non-bidders group. Using linear regression, the result indicates that financial and corporate governance characteristics are able to affect shareholders’ reaction around M&A announcement.

Keywords: merger and acquisition, corporate governance, shareholder’s reaction, abnormal return, event study.



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